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Fed Financial Stability Report: Asset Prices May Be Vulnerable if Risk Appetite Falls

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  • The Federal Reserve discussed the vulnerability of asset prices should appetite change. Get your market update here: https://t.co/0nAEKEX1eh https://t.co/BD24UcDeyT
  • EUR/USD stronger amid broad USD weakness on Thursday $EURUSD https://t.co/h042KoSyuA
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.98% 🇨🇭CHF: 0.60% 🇦🇺AUD: 0.49% 🇳🇿NZD: 0.26% 🇯🇵JPY: 0.11% 🇬🇧GBP: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/4u2cNfSmLn
  • RT @BrendanFaganFx: Federal Reserve Hints at Potential Declines in Asset Prices, Calls for Hedge Fund Transparency #Fed #FederalReserve #F…
  • Both EUR/JPY and EUR/USD are hovering near multi-year downtrend downtrends, while EUR/GBP may still have more room to the topside. Get your $EUR market update from @CVecchioFX here:https://t.co/2SYCKwz8hz https://t.co/tj6UQUDzRL
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  • Fed says the markets are at vulnerable to dropping if risk appetite falls. To any normal person that is obvious. From the central bank that is a passive aggressively projecting a concern
  • Fed's Brainard: - Potential hedge fund threats need further transparency - Archegos demonstrates the limit of visibility on hedge fund risk
  • Fed Financial Stability Report: - In late 2020, major banks' credit lines to non-bank financial institutions rose, reaching new high of $1.6 trillion by year's end
Brexit Briefing: GBP Bolstered by Early UK Voting Intentions

Brexit Briefing: GBP Bolstered by Early UK Voting Intentions

Nick Cawley, Strategist

Talking Points

- GBPUSD comfortable above 1.2800

- A strong election showing would give PM May an uplift going into Brexit negotiations

- See the DailyFX Economic Calendar and see what live coverage for key event risk impacting FX markets is scheduled for the week on the DailyFX Webinar Calendar.

A YouGov poll for The Times newspaper has shown support for the ruling Conservative party hitting a nine- year high, as the country prepares to go to the voting booths on June 8. The poll of voting intentions, the first since UK PM May called a General Election on Tuesday, shows Conservative support up four percentage points to 48%, Labour up 1% to 24% and the Liberal Democrats steady at 12%.

Brexit Briefing: GBP Bolstered by Early UK Voting Intentions

According to the article, at the same stage before the 2015 election, YouGov put the Conservatives on 35%, Labour on 33% and the Lib Dems on 8%. The actual result was the Tories on 37%, Labour on 30% and the Lib Dems on 8%.

When asked who would make the best Prime Minister, Theresa May polled 54% and Jeremy Corbyn 15%.

If the latest polls are correct and the ruling Conservative Party increases its lead over the opposition, PM May will head into Brexit negotiations emboldened by the knowledge that her political detractors’ powers, especially in the House of Commons, have taken a hit.

And next week, UK PM May will host EU President Jean Claude Juncker and Brussel’s chief Brexit negotiator Michel Barnier in London on Wednesday April 26 for pre-Brexit negotiation talks.

The British Pound remains well supported, post the election call, and could push further ahead against both the USD and the EUR. In the US, the recent market enthusiasm for an additional two or three interest rate hikes has waned slightly, while all eyes in Europe are on the first round of the French presidential elections, with the four main but very different candidates battling it out to make it into the final two.

Chart: GBPUSD Weekly Timeframe (June 2015 – April 2017)

Brexit Briefing: GBP Bolstered by Early UK Voting Intentions

Chart by IG

And the latest IG Client Sentiment Indicatorsalso point to further gains for the British Pound.

Why and how we use IG Client Sentiment Indicators in trade setups – See our free guide

Upcoming GBP Event Risk

Events

Date, Time (GMT)

Forecast

Previous

UK Retail Sales (MoM) March

April 21, 0830

-0.5%

1.3%

UK Retail Sales (YoY) March

April 21, 0830

3.8%

4.1%

UK Public Finances (PSNCR) March

April 25, 0830

£12.9bn

Markets

Index / Exchange Rate

Change (Exchange Hours/GMT Session Rollover)

Market Close/Last

FTSE 100

-0.22%

7,017

DAX

0.14%

12,041

GBP/USD

0.46%

1.28365

EUR/USD

0.49%

1.07640

EUR/GBP

0.04%

0.83850

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

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